Tax

Guidance from the IRS can be confusing, explains Bloomberg’s Alexis Leondis.

“We need to study just what impact it’s had,” the Treasury secretary said during a House Financial Services Committee hearing Tuesday.

Yet another IRS change to tax rules amid the COVID pandemic is complicating tax-planning opportunities for financial advisors this filing season.

Collecting all unpaid income tax from the top 1% would boost revenue to the U.S. Treasury by $175 billion a year.

Fewer than two out of every 100 taxpayers reporting over $1 million in income were audited by the Internal Revenue Service in fiscal year 2020, according to a new report.

The Internal Revenue Service is pushing back the tax-filing deadline until May 17 after heavy pressure from Congress and tax and accounting groups.

For those with less than $150,000 in adjusted gross income who collected unemployment benefits this past year, the COVID relief bill allows them to receive up to $10,200 of those benefits tax-free.

“Even the easy returns are not simple right now,” a CPA says.

Estate planners are keeping a close eye on the department’s agenda, anticipating the possible revival of several regulatory projects shelved by the Trump administration.

Members of Congress are proposing bipartisan legislation to extend the deadline for Paycheck Protection Program loans another two months as accountants press for more time on the expiring program.

It’s not just $1,400 checks. Here’s what advisors need to know about other financial perks in the massive stimulus package.

Roth conversions and backdoor Roths ease COVID financial pain for wealthy earners this tax season

Leaders of the House Ways and Means Committee and accounting groups are calling for extending the tax deadline to give the IRS, taxpayers and tax professionals an extra three months.

A powerful financial boost in the new pandemic bill combined with tax rules may result in a stimulus check windfall for some young adults.

A Biden proposal to change the tax deduction for contributions to a tax credit could have serious implications.

All trusts named as beneficiaries before the SECURE Act may need to be updated, says one analyst.

The Internal Revenue Service released guidance Monday for employers claiming the employee retention credit for 2020 and how it relates to eligibility for the Paycheck Protection Program.

Bitcoin and other digital currency investors face tax headaches and IRS scrutiny this filing season.

Now political momentum is building to raise taxes on the wealthy and support families and small businesses during the pandemic.

A ‘wave’ of claims for the Domestic Production Activities Deduction sparks an alert.